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VIX

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In plain English

VIX is the market’s price for 30-day insurance on the S&P 500. It is not how bumpy the market was; it is how much people are paying for options.

Around 12–14 is a calm bull. 20+ is an elevated fear bid. 30+ is a stress event. VIX often spikes when stocks fall, then can stay high even as stocks bounce.

Math and metrics

Yahoo ^VIX daily close. Cboe variance-swap approximation from SPX options — we plot the published index, not a homemade RV.

y_t = VIX close_t (vol points ≈ % annualized implied).

Not VIX3M, not VVIX. Desk treats ≥20 as elevated.